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Investigation of the affairs of defunct Caldwell & Co. (TIME, Nov. 24 et seq.) has revealed many a skin-tight alliance between the banking interests of Rogers Clark Caldwell and the newspaper-political interests of his crony, Col. Luke Lea. Last week a federal grand jury pried into the affairs not of the big Caldwell-controlled bank of Tennessee but the smaller Holston-Union National Bank of Knoxville which went under early in the storm caused by the failure of Caldwell & Co. What the jury found was not pleasing. Contemplation of it lead to what many southerners had long expected...
...indictments charged that on March 31, 1928, the day that Mr. Caldwell and Col. Lea bought the Knoxville Journal (now in receivership [TIME, Dec. 22]), Banker Ramsey, aided and abetted by his two friends both of whom were large stockholders in the bank, wilfully misapplied $98,000 to the joint Caldwell-Lea account. In addition to this charge of violating the Federal banking law, the indictments further claimed that the three friends had conspired to violate Federal banking law by hiding the bank's condition...
Fortnight ago creditors asked receiver-ships for Southern Publishers Inc. (Knoxville Journal, Memphis Appeal) and Tennessee Publishing Co. (Nashville Tennesseans), the papers of Col. Luke Lea and recently-ruined Banker-promoter Rogers Clark Caldwell (TIME, Dec. 22). In Nashville last week the court ordered a receiver in the first and more important of the suits-in which Minnesota & Ontario Paper Co. seeks to recover on its purchase of $1,500,000 Southern Publishers bonds. But it refused the receivership against Tennessee Publishing Co., "a going concern whose assets are conceded . . . to be greater than its liabilities." Straightway Col. Lea brought...
...face of the court actions, Colonel Lea again demonstrated himself a fast thinker. To spar for time he moved to transfer the suits from chancery to Federal court. Then he "permitted" friendly receiverships against the individual papers, Memphis Appeals and Knoxville Journal, pending settlement of the action against their holding company. The receivers included executives of the papers...
Liberty Bank's charge of fraud was most emphatically denied by handsome young Luke Lea Jr. in the absence of his father. Young Luke, who looks much like the Colonel, is admiringly called a block chip by his father's friends. Before Luke Jr. was 21, Colonel Lea had a special bill put through the legislature to give him legal majority and qualify him as a responsible business associate...